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Experimental Use Of a Market-Based Approach to the Efficient Allocation of Resources within the Government Budget

Author

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  • Vladimír Štípek
Abstract
The aim of this article is to test the possibility of a more efficient allocation of resources using market tools when proposing the government budget. The tool is the distribution of ownership rights when designing individual chapters of the budget at the specific stage of the government budget finalisation. The assumption is that the exchange of ownership rights between the individual chapters would lead to a more efficient allocation of resources than mere negotiation. The precondition is the correct setting for such negotiation. For this reason, the article uses an economic experiment in which three budget chapters of expenditure (industry, education, transport) can exchange ownership rights with allocated funds for the following areas: salary expenditure, investment, current expenditure. The design of the experiment is based on a review of relevant studies and literature; illustrative data used in the experiment correspond to the current reality. The article shows these innovative possibilities based on the conducted experiments where the roles were divided between the group of participants representing the individual ministries while the needs and possibilities of the ministries to exchange resources were defined within a set framework of the experiment rules and using the government budget of the Czech Republic for 2020 as the example. The article also implies the possible applications of this method. This method is generally applicable under the proper method design.

Suggested Citation

  • Vladimír Štípek, 2019. "Experimental Use Of a Market-Based Approach to the Efficient Allocation of Resources within the Government Budget," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2019(3-4), pages 3-16.
    • Handle: RePEc:prg:jnlaop:v:2019:y:2019:i:3-4:id:624:p:3-16
    DOI: 10.18267/j.aop.624
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    More about this item

    Keywords

    market-based approach; government budget; distribution of ownership rights;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems

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